Speech by Radm (Ns) Lui Tuck Yew

SPEECH BY RADM (NS) LUI TUCK YEW, ACTING MINISTER FOR INFORMATION, COMMUNICATIONS AND THE ARTS, AT THE NAMING CEREMONY OF GOLD STAR ON SATURDAY 29 AUGUST 2009, 10:30AM AT KEPPEL FELS

Gracious Lady Sponsor, Mrs Fiona Steane

H.E. Paulo Alberto de Silveira Soares, Ambassador of Brazil to Singapore

Mr. Antonio Augusto de Queiroz Galvão, General Director of Queiroz Galvão Óleo e Gás

Dr Lee Boon Yang, Chairman of Keppel Corporation

Mr. Choo Chiau Beng, Chairman of Keppel FELS

Mr. Tong Chong Heong, CEO of Keppel FELS

Distinguished Guests

Ladies and Gentlemen

Good morning. I am pleased to join you here today at the naming ceremony of the first of two semisubmersible drilling rigs completed by Keppel FELS for Brazilian drilling contractor group, Queiroz Galvão Óleo e Gás (QGOG).

2 The semi we are about to name this morning is one of the most technically-advanced deepwater drilling rigs in the world to be designed and completed by a Singaporean yard. Significantly, today is also an occasion where we celebrate the successful and longstanding partnership between Keppel FELS and QGOG.

3 The two companies are symbolic of the flourishing bilateral relations and trade links between Brazil and Singapore. Brazil is a key trade and investment partner, with whom our economic relationship has grown from strength to strength. To illustrate, Brazil is Singapore’s second largest trading partner in

of 3 Latin America, while Singapore is Brazil’s principal trading partner in ASEAN. In 2008, total bilateral trade between Singapore and Brazil stood at S$4.15 billion, about a 156 per cent increase from 2004, and nearly 30 per cent higher from 2007.

4 The presence of Singapore-based companies in Brazil has widened over the years and spans a number of sectors - oil and gas, port and logistics, commodities, and infocomm. In fact, Singapore is the third largest source of Asian foreign direct investment in Brazil, behind Japan and Korea. According to Brazilian Central Bank figures, our total investments in Brazil amount to approximately US$137.7 million.

5 Our homegrown companies have much to offer Brazil, and will help to pave the way in promoting greater rapport and meaningful exchanges between our economies. Keppel is an early entrant to Brazil, and has fostered rich networks, keen market knowledge and a strong local presence through its BrasFELS yard in Angra dos Reis. With technology innovation, execution excellence and a capable workforce as its hallmark strengths, as well as its established facilities here and in Brazil, I am confident that Keppel is well- positioned for long-term success in Brazil’s fast-growing offshore market.

6 Brazil’s footprint in the Singapore economy is also gaining prominence, with the presence of Brazilian companies in Singapore gaining momentum in recent years. Not only have some established marketing offices in Singapore, major Brazilian companies such as Embraer and Vale have also set up representative offices in Singapore to manage the Asia Pacific market. Many of these Brazilian companies have come to leverage Singapore’s strategic location as a gateway to the market in Asia. This is a win-win development for Brazil and Singapore. We share similar outlooks on continued multilateral trade liberalisation, market diversification, and expanding linkages between Asia and

of 3 Latin America. Notwithstanding the global economic crisis, Asia and Latin America remain growth regions with long-term promise.

7 Singapore is keen to deepen our economic linkages with Brazil. It is our hope that the growing connections between us will open more doors for our companies to tap the vast opportunities for partnerships and collaborations. As mentioned, our business communities have made meaningful headway into our respective markets. At the same time, our governments will continue to facilitate this trend of growing engagement and partnerships. To this end, we have established various platforms to promote greater dialogue and investment linkages.

8 Come November this year, Singapore will host the sixth Latin Asia Business Forum, which will bring together business leaders from across Asia and Latin America. It is even more significant that this year’s forum coincides with the APEC CEO Summit and the APEC Leaders Meeting, to be hosted by Singapore. Through these platforms, we welcome government and business leaders from Latin America to explore investment and partnership opportunities, share best practices, strategies, market experiences and expertise, so as to enlarge our areas of collaboration.

9 On this note of expanding cooperation and promising possibilities, I would like to extend my heartiest congratulations to QGOG and Keppel FELS for a successful collaboration on Gold Star. Thank you.